An operation through which a financial entity makes a certain amount of money available by means of an agreement. The borrower is required to return that money within a period of time determined by the bank or financial entity and to pay the fees and interests agreed to.
- Can the bank raise the interest rate?
A. Yes, the bank must inform the customer 30 days in advance.
- Can the bank deduct a loan in December?
A. Personal loans are not deducted in December.
- Is signing blank documents permitted?
A. The Banking Law permits signing blank documents, as long as they are duly detailed in the agreement and are related to the agreement signed.
- Can the bank penalize me for paying off a loan in advance?
A. Not for retail loans; but mortgage loans paid off in less than 5 years can be charged a penalty.